Anglo American Raises CEO Cutifani’s Pay 3% to $2 Million

Anglo American Plc (AAL) increased the
base salary of Chief Executive Officer Mark Cutifani by 3
percent as he proceeds with a review of the mining company’s
operations from Australia to Canada.

Cutifani’s base salary will rise to 1.24 million pounds ($2
million) in 2014, London-based Anglo said in its annual report
published today. He received a total of 5.3 million pounds last
year, including cash and share bonuses of 1.2 million pounds.

Cutifani became CEO in April, replacing Cynthia Carroll,
who resigned amid cost overruns at Anglo’s Minas-Rio iron ore
project in Brazil. He has set the goal of improving Anglo’s
return on capital employed to at least 15 percent by 2016 from
11 percent in 2013.

Minas Rio is 84 percent complete and remains on target to
ship its first ore at the end of this year, Chairman John Parker
said in the report. “Its completion will ease our capital
commitments from 2015 onwards and should also enhance our free
cash flow,” he said.

One-fourth of Anglo’s board will be female by the time the
company has held its annual general meeting next month, Parker
said. At the end of 2013, women accounted for 23 percent of
Anglo’s managers, while 16 percent of the overall workforce was
female, the company said in the report.

Chief Financial Officer Rene Medori received total payment
of 2.3 million pounds for last year, Anglo said. Medori’s salary
was also increased by 3 percent to 788,000 pounds for 2014.